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What is cryptocurrency?
Cryptocurrency, a relatively new type of money, works fundamentally differently from the traditional forms of money that we all use on a daily basis. The main difference is that cryptocurrency is only available as a digital form of payment; you cannot carry physical coins or cash.
To enable traders to trade between various cryptocurrencies, a cryptocurrency exchange, often referred to as a digital currency exchange (DCE), levies a currency conversion fee, just like institutional banks do when you exchange money between different countries.
